Dow — Apr 24, 2025 release

◦ Up to approximately $3 billion from the Company’s strategic growth-aligned partnership with Macquarie Asset Management to create a newly formed infrastructure-focused company – Diamond Infrastructure Solutions – resulting in the sale of a minority stake in select U.S. Gulf Coast infrastructure assets; first tranche of $2.4 billion anticipated at closing on May 1. ◦ Greater than $1 billion in proceeds from the NOVA judgment in 2025. ◦ At least $1 billion in targeted cost savings by 2026, including approximately $300 million in 2025. ◦ Approximately $1 billion in CapEx reductions in 2025. CEO QUOTE “We remain focused on disciplined execution and increased actions to improve profitability and support cash flow,” said Jim Fitterling, Dow chair and CEO. “Despite ongoing macroeconomic challenges, Team Dow delivered a sixth consecutive quarter of year-over-year volume growth while taking actions to reduce costs and right-size capacity. The significant impact of slower GDP growth and volatile market conditions on our industry underscores the importance of our proactive management and best-owner mindset. Today’s announcements build on Dow’s cost actions that are already underway, aiming to further strengthen our financial flexibility and support a balanced capital allocation approach.” 1. Op. Earnings Per Share, Op. EBIT, Op. EBIT Margin and Op. EBITDA, Free Cash Flow and Cash Flow Conversion are non-GAAP measures. See page 7 for further discussion. ®TM Trademark of The Dow Chemical Company or an affiliated company